Pryce Corp., a listed firm mainly engaged in the retail of cooking gas, on Wednesday said its is spending about P1 billion for another round of expansion of its liquefied petroleum gas (LPG) refilling stations.
In a disclosure to the Philippine Stock Exchange, the company, which recently emerged from corporate rehabilitation, said that its subsidiary Pryce Gases Inc. (PGI) and PGI’s subsidiary Oro Oxygen Corp. (OOC) are looking to add another 20 liquefied petroleum gas (LGP) refilling plants in Luzon.
“Price expects to spend some P1 billion for these refilling plants,” the firm told the local bourse.
The firm said that the further expansion of its LPG refilling plants was decided upon after the ongoing 30 additional refilling plants are expected to be completed within this week.
“Immediately after the commencement of commercial operations of its San Fabian LPG import terminal in Brgy. Tiblong, San Fabian, Pangasinan in January 2014, PGI and OOC focused on constructing, acquiring or leasing LPG refilling plants in selected areas all over Luzon to increase its market reach and even serve remote areas not covered by existing LPG distribution networks,” the company said.
Salvador Escano, chairman of Pryce Corp., said the next batch of 20 LPG refilling plants will enable the company to deepen its market penetration and pave the way for a more calibrated sale and dispersal of its LPG brand PryceGas in Luzon.
LPG accounts for the bulk of the company’s business as Pryce holds a majority interest in Oro Oxygen Corp., the distributor of its LPG brand in Luzon and Metro Manila. The remainder of its operations is comprised of its memorial park, hotel and subdivision lot businesses.